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   DealBook: Bracing for a surprise
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   Also, Senator Elizabeth Warren sounds the alarm on SpaceX.
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             June 10, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning from London. Andrew here.
         </span>
         <span>
          The anxiety around A.I. and the soaring stock market is hardly confined to the U.S. But from here, it feels even more acute. In meetings and conversations with business leaders across London, I’ve been struck by a recurring question: How does this end?
         </span>
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         <span>
          There is skepticism about the durability of the A.I. boom, concern about over-exuberant markets and growing unease about America’s relationship with the rest of the world. Add in the turmoil in the Middle East, and the mood here feels noticeably less euphoric than headlines about markets suggest.
         </span>
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         <span>
          Below, we look at the latest market shocks — and at Senator Elizabeth Warren’s new attempt to delay the SpaceX I.P.O., which is still expected to go ahead Friday despite her efforts. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Wall Street is on edge over today’s inflation report.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Brendan Mcdermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Inflation jitters
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For weeks, investors have looked past a fragile cease-fire in the Middle East and pushed stocks to new highs. That confidence was jolted by Friday’s red-hot jobs report, and could be tested again
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          today with the release of new inflation data
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Economists expect this morning’s Consumer Price Index report, due out at 8:30 a.m. Eastern, to show headline inflation hitting 4.2 percent, fueled by rising energy costs. That would be the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          highest reading in more than three years
         </a>
         <span>
          . That prospect has chilled global markets, especially as the U.S. and Iran
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          traded strikes
         </a>
         <span>
          yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Just in: Trump expressed his frustration with deadlocked peace talks,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          writing on social media
         </a>
         <span>
          , “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Tech stocks in Asia and Europe are in the red today, and futures on the tech-heavy Nasdaq Composite are under pressure.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bonds and cryptocurrencies are sliding, too.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A bright spot is Brent crude, the international benchmark for oil. It traded around $91 today after briefly hitting
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a seven-week low
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday.
               </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors are taking it out on mega-cap stocks
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          tied to artificial intelligence
         </span>
         <span>
          , obscuring the outlook for SpaceX’s anticipated trading debut on Friday. Bank of America advised investors this week to consider selling stocks amid “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bear-market signposts
         </a>
         <span>
          ” in the markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Hot inflation readings could create volatility,
         </span>
         <span>
          even as stocks continue to rise. “An upside surprise” on C.P.I. “could cause trouble given how febrile markets have been recently,” Jim Reid, a strategist at Deutsche Bank, wrote to investors today.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Producer Price Index, which measures wholesale inflation, is scheduled for release tomorrow.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What would a surprise mean for the Fed?
         </span>
         <span>
          Rising inflation is likely to put pressure on the central bank to consider raising interest rates. That could put its new chair, Kevin Warsh, in a direct confrontation with President Trump, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pre-emptively criticized
         </a>
         <span>
          such a move over the weekend.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Markets are antsy.
         </span>
         <span>
          Futures traders this morning raised the odds of an interest-rate increase this fall,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          possibly by September
         </a>
         <span>
          — a message
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          echoed by bond traders
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The prospect of higher borrowing costs could have widespread consequences, analysts warn, given the amount of debt-fueled spending that is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          propelling the A.I. buildout
         </a>
         <span>
          , and how much
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investors are borrowing to buy stocks
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Consumers are feeling it, too.
         </span>
         <span>
          Households are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          gloomy about their finances
         </a>
         <span>
          , as they fret about the economic consequences of the war with Iran.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “If inflation were to be higher for longer, this sort of ​trend of wages keeping up with inflation could be at some risk,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Marianne Lake
         </span>
         <span>
          , the C.E.O. ​of JPMorgan Chase’s consumer and community banking division, said at a conference yesterday.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A key Social Security trust fund could run out of money in 2032.
         </span>
         <span>
          The outlook for the retiree benefit plan worsened this year, according to a report from its trustees. It
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          would have to cut benefits
         </a>
         <span>
          in roughly six years — three months earlier than expected — unless Congress intervenes with a funding plan. If it does not, incoming revenue is expected to only cover 78 percent of benefits. The Trump administration’s crackdown on immigration could exacerbate the shortfall, experts say, as this group usually pays into the fund via payroll taxes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Anthropic releases a “safe” version of its powerful Mythos model.
         </span>
         <span>
          The new artificial intelligence system,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called Claude Fable 5
         </a>
         <span>
          , is designed to prevent hackers from using it to exploit cybersecurity weaknesses. (A reminder: Anthropic initially limited access of Mythos over security fears.) But questions remain about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether it’s effective to build in guardrails
         </a>
         <span>
          , an issue that Anthropic researchers told The Times they are working on.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kalshi plans to make some users identify their employers.
         </span>
         <span>
          Bettors in markets where material nonpublic information is available will be required to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disclose where they work
         </a>
         <span>
          , Kalshi told The Wall Street Journal, an effort to prevent insider trading and market manipulation. Wagers involving company performance or military campaigns are expected to be included. Also, the sector’s federal regulator, the Commodity Futures Trading Commission, is reportedly set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unveil new proposals today
         </a>
         <span>
          aimed at cracking down on such abuses, according to The Journal.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260610%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwOTA2ODcuMTMyOTY5NH0:1wXH39:j2COPxljxHofgaRYrvfUu65NOyATYAN-IH0p6hb4oj4" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Senator Elizabeth Warren of Massachusetts in a blue jacket and black top, looking ahead with her left hand raised." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F10%252Fmultimedia%252F10db-warren-kzbv%252F10db-warren-kzbv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwOTA2ODcuMTMzNDIxNH0:1wXH39:YjclyUVxnWVPZzKm6n4H_VwP7_q5J-GDKYhqL381Aqw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Senator Elizabeth Warren of Massachusetts, a Democrat, raised several concerns about SpaceX’s blockbuster I.P.O.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Kenny Holston/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Warren vs. Musk
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are bracing for SpaceX to begin trading publicly on Friday, as Wall Street expects
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk’s
         </span>
         <span>
          rocket-and-artificial-intelligence giant to raise more than $74 billion from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          eager stock investors
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Senator Elizabeth Warren
         </span>
         <span>
          of Massachusetts, a Democrat, is the latest skeptic of the I.P.O., citing its potential dangers to retail investors, Lauren Hirsch is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warren wants the S.E.C. to delay SpaceX’s offering,
         </span>
         <span>
          she wrote in a letter yesterday to Paul Atkins, the regulator’s chair. The I.P.O. “appears to present significant risks to ordinary investors and their retirement savings,” she wrote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A spokesperson for the S.E.C. declined to comment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The senator is worried about Wall Street’s enthusiastic embrace of the offering,
         </span>
         <span>
          which includes moves by Nasdaq and FTSE Russell to accelerate SpaceX’s entry into their indexes. That would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          force index funds to buy SpaceX shares
         </a>
         <span>
          , thrusting the company into millions of Americans’ investment portfolios at a stroke.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The letter is unlikely to achieve her goal, but it raises several concerns.
         </span>
         <span>
          Among them:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SpaceX’s multiple classes of stock, which give Musk’s shares 10 times the voting power of shares available to the public;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The company’s potential $1.77 trillion valuation, even though some analysts appraised it at a far lower level;
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How the S.E.C. could accurately assess SpaceX’s lofty goals, “including space travel and interplanetary habitation.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warren was especially skeptical about SpaceX’s valuation,
         </span>
         <span>
          which was based on the company’s acquisition of xAI, Musk’s A.I. lab — putting the billionaire on both sides of the transaction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “In normal circumstances, an S.E.C. would demand far more rigorous proof of those numbers, where they came from and how they are validated by outside evidence,” Warren told DealBook. “The idea of having Elon negotiate with Elon and decide that the value of this company is some astronomical number makes market analysts laugh — or maybe cry.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Others who share Warren’s concerns
         </span>
         <span>
          include
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Randi Weingarten
         </span>
         <span>
          , the president of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          American Federation of Teachers
         </a>
         <span>
          , and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Levine
         </span>
         <span>
          , the New York City comptroller who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          oversees $300 billion
         </a>
         <span>
          in pension fund assets.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other SpaceX news: Morgan Stanley is reportedly seeking to prevent retail investors from placing orders for shares
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                at multiple brokerages
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260610%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwOTA2ODcuMTMzNjA5OH0:1wXH39:CFNcZWnShL1LD3KVCKYRQMAag2Pu4WKGAJv-f7IJhhI" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260610%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwOTA2ODcuMTMzNzM2fQ:1wXH39:IW1hijtxHu8VAaeXru3RJuS7yhBVBIYUSudpHQTMR1g" style="display:block;width:100%;max-width:600px" width="600"/>
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                </td>
               </tr>
               <tr class="css-1npprw9" style="display:none">
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260610%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODEwOTA2ODcuMTMzODQ3fQ:1wXH39:U1mQCeghKcsepuRoTiZ2OvIyzz2JegmuTe8d6y6i-Jc" style="display:block;width:100%;max-width:480px" width="480"/>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Tom Steyer, a California gubernatorial candidate, is seen speaking at a lectern." class="css-18ei5jy" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F10%252Fmultimedia%252F10db-steyer-tmzp%252F10db-steyer-tmzp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwOTA2ODcuMTMzOTQ4Nn0:1wXH39:UQFGkXC87VuleE5N3IocpEYNohA1vMpbbQC4oogCNjA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Tom Steyer, a California gubernatorial candidate, at a campaign watch party last week. The hedge fund mogul came in third, the latest tally shows.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Ian C. Bates for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         NUMBER OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          $216 million
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tom Steyer
         </span>
         <span>
          has been officially knocked out of the race for governor of California. The billionaire Democrat sunk roughly $216 million of his own money into the campaign, including more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $201 million on advertisements
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That spending spree helped him to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          third-place finish
         </a>
         <span>
          with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          22.5 percent of the vote
         </a>
         <span>
          , behind
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Xavier Becerra
         </span>
         <span>
          , a former Biden administration official, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steve Hilton
         </span>
         <span>
          , a former Fox News commentator who ran as a Republican.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Steyer, a hedge fund mogul with a fortune of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about $5.1 billion
         </a>
         <span>
          , according to Bloomberg, has been here before. He
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropped out
         </a>
         <span>
          of the 2020 race for president after financing his campaign with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $342 million in contributions and loans
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Yotam Segev, from left, with Tamar Bar-Ilan and Yonatan Itai, standing in black T-shirts and smiling. " class="css-18ei5jy" height="317" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F10%252Fbusiness%252F10db-cyera-founders%252F10db-cyera-founders-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODEwOTA2ODcuMTM0MDUwMX0:1wXH39:eDURbwsZonqdqqaUax9okB4PA2qCMAbfkzaPZntvFdY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              From left, Cyera’s chief executive, Yotam Segev, with his co-founders, Tamar Bar-Ilan and Yonatan Itai.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Cyera
             </span>
            </span>
           </td>
          </tr>
         </tbody>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          An A.I. cybersecurity start-up hits a $12 billion valuation
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The artificial intelligence race is quickly reshaping cybersecurity — and driving big money into the sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest example is Cyera, a start-up focused on protecting companies’ data from A.I.-based threats using A.I. It’s expected to announce today that it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised $600 million
         </a>
         <span>
          at a $12 billion valuation, Niko Gallogly is the first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s now among the most valuable cybersecurity start-ups.
         </span>
         <span>
          And its valuation has climbed quickly: Just six months ago, investors appraised it at $9 billion in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $400 million fund-raising round
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How Cyera works:
         </span>
         <span>
          The company identifies a company’s “crown-jewel” data, such as customer information, and makes sure it is safely stored,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Yotam Segev
         </span>
         <span>
          , a founder and the C.E.O. of the start-up, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If an employee or an A.I. agent shares that data, Cyera will autonomously restrict access to it or delete it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cyera’s fortunes have skyrocketed amid worries about A.I.-based threats.
         </span>
         <span>
          The company was founded in 2021 by Segev, Tamar Bar-Ilan and Yonatan Itai, who met in the Israeli Defense Forces’ Talpiot program for academically promising recruits.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The following year, OpenAI released ChatGPT, and “data security went from being very important to existential,” said
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Lior Simon
         </span>
         <span>
          , a partner at Cyberstarts, an Israeli venture capital firm that participated in the new fund-raising round.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How fast Cyera has grown:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                About 1,000 of Cyera’s 1,500 employees were hired in the last 18 months.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                While Cyera declined to share its revenue numbers, it said its annual revenue rate has more than tripled for the last three years in a row.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Its customers include AT&amp;T, Bose, Chipotle and Paramount.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          About the round:
         </span>
         <span>
          It was led by Evolution Equity Partners, and included Cyberstarts and Temasek, the Singaporean investment giant.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The new funding will be used to accelerate Cyera’s A.I. offerings,
         </span>
         <span>
          Segev told DealBook, including through internal research and development, and potentially through acquisitions. Earlier this year, the company acquired two cybersecurity start-ups, Ryft and Genie Security.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the company faces plenty of competition. That includes start-ups like Sentra and Symmetry Systems that also rely on A.I. to autonomously manage data risks; incumbents including Palo Alto Networks and CrowdStrike; and Anthropic and OpenAI, which are developing cybersecurity capabilities for their models.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Worries about cybersecurity aren’t going away,
         </span>
         <span>
          as government and corporate hand-wringing over Anthropic’s powerful Mythos model has shown.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Only machines will be able to protect machines,” Segev said.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Deals
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Todd Boehly
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the billionaire investor, is reportedly weighing a bid to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy the Seattle Seahawks
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from the estate of the Microsoft co-founder
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Paul Allen
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , in a deal that could put the value of the N.F.L. team at up to $9 billion. (Semafor)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SoftBank shares sank today after its talks with potential lenders reportedly stalled for a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                margin loan of at least $6 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that would be backed by the tech investor’s OpenAI stake. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Robinhood has been
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                approved to underwrite I.P.O.s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , according to the online brokerage’s C.E.O.,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Vlad Tenev
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Barron’s)
               </span>
              </li>
             </ul>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                President Trump and his sons have reportedly
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                made $2.3 billion from crypto
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                since he returned to the White House. Investors in many of those same ventures have lost a similar amount. (Reuters)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                U.S. Customs and Border Protection
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                barred a World Cup referee
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from Somalia — who was voted Africa’s best last year — from entering the country, as officials have detained various other tournament participants over visa issues. (NYT)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The wait for a Patriot missile
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                can take years
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , so Ukraine’s military is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                testing its own, cheaper version
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ, FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Russell Horwitz
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a top Goldman Sachs executive who is leaving the bank,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                reportedly raised concerns about
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                David Solomon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ’s decision to back
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Kathy Ruemmler,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the bank’s general counsel, over her ties to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jeffrey Epstein
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT)
               </span>
              </li>
             </ul>
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